Michael Levi: I think prices could drop substantially. If you look at the most recent IEA report or the most recent OPEC outlook, you see that if all currently planned investment goes ahead, then at prices resembling current ones, supply would greatly outstrip demand.

The city of Toronto, Canada, is battered with its worst-ever snowfall on this day in 1944. Twenty-one people died as a result of the record storm, in which nearly 20 inches of snow fell in a single day.

The storm began hundreds of miles to the south near the Gulf of Mexico; it stalled after moving north over Toronto. In addition to the tremendous amount of snow, the winds from the storm were so high that visibility was reduced to nothing. The blizzard also created huge drifts that trapped people inside their homes. A streetcar on Queen Street was knocked over by the wind and snow, trapping 170 people and killing one person. All traffic and businesses in the city were shut down. [Via BF]